White Hart Lane outfit fail in huge move for Argentine international.
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The Argentine international, who has been closely linked to Chelsea and city-rivals Real Madrid in the past month, is said to have been the subject of an offer from Spurs.
Sky Sports News report that Spurs have bid £38.5million (€45million) for Aguero – but the bid was rejected, which does trigger his release clause but taxes mean the player would have to pay much more than that figure to buy himself out.
Hours earlier Atletico Madrid president Enrique Cerezo underlined his commitment to keep Aguero.
“It is unthinkable that Kun [Aguero’s nickname] can go,” he said.
“Players play where they want to play, and Kun and Diego Forlan want to play at Atletico Madrid.
“Offers, we have no offers, and we are not a selling club, we want to continue with these players that serve us well.”